- Ripple price started a decent recovery from the $0.3840 support area against the US dollar.
- The price traded above the $0.4000 resistance and it is currently showing positive signs.
- There was a break above a connecting bearish trend line with resistance at $0.4010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently trading above the $0.4150 resistance and it could continue higher in the near term.
Ripple price is showing positive signs against the US Dollar and bitcoin. XRP could continue to climb higher once it clears the key $0.4250 resistance area in the coming sessions.
Ripple Price Analysis
After a strong downward move, ripple price found support near the $0.3840 area against the US Dollar. The XRP/USD pair traded as low as $0.3837 and recently started an upside correction. It recovered above the $0.3950 resistance to move into a short term bullish zone. There was a break above the 23.6% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low. There was a close above the $0.4000 resistance and the 100 hourly simple moving average.
Moreover, there was a break above a connecting bearish trend line with resistance at $0.4010 on the hourly chart of the XRP/USD pair. The pair is now trading above the $0.4150 resistance and the 100 hourly SMA. On the upside, an immediate resistance is near the $0.4250. The 50% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low seems to be acting as a strong resistance. If there is an upside break above $0.4250, the price could continue to rise in the near term.
The next key resistance area is near the $0.4340 level. It represents the 61.8% Fib retracement level of the recent drop from the $0.4653 high to $0.3837 low. A successful break above the $0.4340 resistance might start a strong upward move above $0.4400. In the mentioned bullish case, the price could even trade towards the $0.4500 level. On the downside, an initial support is near the $0.4150 level. If there is a downside break below $0.4150, the price might retest the $0.4000 support area.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.4150 level and the 100 hourly SMA. Therefore, there are chances of more upsides above $0.4340 and $0.4400 in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 55 level, with a positive angle.
Major Support Levels – $0.4150, $0.4000 and $0.3950.
Major Resistance Levels – $0.4250, $0.4340 and $0.4400.
